Author: Jesse Coghlan, CoinTelegraph; Compiler: Baishui, Golden Finance
After Hunter Biden, son of U.S. President Joe Biden, was found guilty on three federal gun cases, the Biden-themed Solana meme coin briefly surged before falling again.
CoinGecko data shows that within five hours of a Delaware federal court jury convicting his son on June 11, Jeo Boden (BODEN), a deliberately misspelled presidential coin, rose 26% to a 24-hour high of nearly $0.20.
Around the same time, the Hunter Boden (HUNTBODEN) token surged 116% to a daily high of $0.0022 (less than a penny), while the First Lady-themed Jill Boden (JILLBODEN) plunged 9%, according to CoinGecko.
The gains failed to last, with BODEN and HUNTBODEN down 6% and nearly 54%, respectively, over the past 24 hours, with JILLBODEN down 14.7%.
BODEN 24-hour price chart shows price increases before and after Hunter Biden's conviction. Source: CoinGecko
Compared to BODEN's market cap of over $124.6 million, the HUNTBODEN token has a much smaller market cap of less than $583,000, according to GeckoTerminal.
Recovering cocaine addict Hunter Biden was found guilty of lying on a form to buy a Colt revolver in 2018 that he was not a drug user and claiming that was the case. A third charge was for possession of a firearm for 11 days.
He now faces up to 25 years in prison.
Meanwhile, Doland Tremp (TREMP) — the intentionally misspelled Solana memecoin representing President Biden’s political rival Donald Trump — fell more than 12% on the day to $0.93.
Their price declines accompanied a broader market downturn. Top meme tokens Dogecoin, Shiba Inu, and Dogwifhat (WIF) have all seen losses of 5% or more over the past day, while Pepe is the only major memecoin to see a small gain of more than 5.5%.
Bitcoin and Ethereum have fallen 3% and 4.5% respectively over the past day — the top cryptocurrency is trading at $67,395, while ETH is trading at $3,503.
The Kingdom of Bhutan, a small South Asian country with a land area of 38,400 square kilometers and a population of only 885,000, has a backward economy but is a major Bitcoin holder and is expected to become a big winner in the digital economy era.
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